Trump Administration Imposes New Tariffs Of Up To 12.5% On 60 Trading Partners

According to Axios, the Trump administration announced new tariffs of up to 12.5% on 60 trading partners, with the duties set to take effect at 12:01 a.m. ET on Friday as a temporary tariff program expires. The U.S. Trade Representative launched the underlying investigation in March under Section 301 of the Trade Act of 1974, and concluded in June that trading partners had failed to effectively block goods made with forced labor. Under the new structure, countries that have banned forced labor but are not effectively enforcing it will face a 10% tariff, while other nations' goods will be hit with a 12.5% rate. A senior administration official said India qualified for the lower rate after adopting measures prohibiting trade in forced-labor goods. Oil and gas, certain fertilizers and some food products are exempt, and the administration is still investigating whether to impose tariffs tied to excess manufacturing.